Page 10 | Who still rents in their 40’s/50’s- What is your plan?

Myhouseismyprison · 2025-02-19T05:31:48+00:00

I live in the South East, for various reasons we have never managed to purchase our own home. I am now in my late 40’s and DH is 50. We still have children at home who all have their lives here so unable to pick up and move somewhere cheaper just yet. We have some savings but nowhere near enough to buy here for the house size we would need. We have rented the same house for several years but know this can change quickly and have no idea how we would afford current market rent. I just wondered what plans people had in place for retirement? What savings accounts would be good?

CharSiu · 22/02/2025 07:51

My friend rented out her Mothers house when she died, with LL changes it’s now an airBNB after her last tenant gave notice as she didn’t want more risk. Changes to rental legislation though they seem good are making things worse. Now large corporations are buying up swathes of rental properties. I have rented 3 properties in my life, all from small landlords and it was great to deal directly with them.

Where I live local prices have been pushed up as just like everywhere else but we are on a commuter route and it’s gone crazy as Londoners are settling here, though it’s a fair distance. Causing a small flurry of resentment amongst locals. My neighbours command a WFH London wage. Whilst those leaving London and parts of the SE find it cheaper it’s just pushing out house price rises further geographically.

Regarding benefits, legislation changes all the time, no more universal CB or WFA I thought those two were just about the most untouchable. If you can’t save or make provision then you just can’t but with any kind of choice don’t rely on the state.

Anyone can apply for social housing, there was the case of the leader of a trade union on a huge salary in a flat in London who was criticised for having it but anyone can apply. But you need points and it’s based on need and those points give you a place on the list.

1975wasthebest · 22/02/2025 08:17

Not mentioned yet - the right to buy discounts have now been cut, so eventually this is going to reduce the amount of properties in the private sector.

DogMa73 · 22/02/2025 09:57

@gettingthehangofsewing I first bought with a partner in 2001, however the relationship ended after eight years. I then bought with my sister but we sold after 7 years when she moved in with her partner. I couldn’t afford to buy her out, and because of the credit crunch, the house was only worth what we bought it for so we made no money on it (although there was equity). I then bought with my most recent ex, but we sold up to move areas for a better quality of life and used the equity to start a business, which later meant we could buy again. I only ever seem to come out of any house sale with £50K, which whilst is enough for a deposit it’s still difficult to buy alone these days. I’d prefer to do what I did last time and start another business with that money, as I’m more likely to make the decent wage required working for myself than for anyone else. Couples who have stuck together for a long period are very fortunate but not everyone else’s journeys are quite so linear, for many reasons.

DogMa73 · 22/02/2025 10:12

@Fluffycloudsfloatinginthesky I’ve been working for 30+ years and have never been able to cope with successfully growing a side hustle at the same time as working full time. The corporate job I left 7 years ago only paid me £33K basic, I’d need to earn £47K+ p/a to rent a £1.3K p/m house by myself, so it’s just not going to happen. However a couple both on minimum wage, easy ! Living off my savings may diminish my ‘deposit’ but with full focus on exceeding my previous earnings and replenishing my deposit by working for myself, this is the ONLY realistic potential way I can do it !

gettingthehangofsewing · 22/02/2025 10:14

DogMa73 · 22/02/2025 09:57

@gettingthehangofsewing I first bought with a partner in 2001, however the relationship ended after eight years. I then bought with my sister but we sold after 7 years when she moved in with her partner. I couldn’t afford to buy her out, and because of the credit crunch, the house was only worth what we bought it for so we made no money on it (although there was equity). I then bought with my most recent ex, but we sold up to move areas for a better quality of life and used the equity to start a business, which later meant we could buy again. I only ever seem to come out of any house sale with £50K, which whilst is enough for a deposit it’s still difficult to buy alone these days. I’d prefer to do what I did last time and start another business with that money, as I’m more likely to make the decent wage required working for myself than for anyone else. Couples who have stuck together for a long period are very fortunate but not everyone else’s journeys are quite so linear, for many reasons.

Of course your right , I think I was assuming that people had never bought rather than had bought then been unable to buy later.

I did split with exh and bought him out of our first house but yes if sold it could have been a different outcome.

BourbonsAreOverated · 22/02/2025 10:44

gettingthehangofsewing · 22/02/2025 10:14

Of course your right , I think I was assuming that people had never bought rather than had bought then been unable to buy later.

I did split with exh and bought him out of our first house but yes if sold it could have been a different outcome.

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I’m another who bought (with an abusive ex) and have never been able to buy again. He’d remortgaged the property so many times there was nothing left to buy out (I think it was about 150k he took out), coercive control and financial control were not a thing back then.

Neurodiversitydoctor · 22/02/2025 11:41

Some of these stories are heartbreaking. Yes people forget the house price crash of the late '80s/ early '90s and the stimultaneously relatively new penomena of living together rather than marrying.

JenniferBooth · 22/02/2025 13:28

margeyoursoakinginit · 21/02/2025 04:14

? Is this only for flats.

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If the flat door opens into the communal hallway yes

JenniferBooth · 22/02/2025 13:38

DaphneduM · 21/02/2025 07:46

Of course pensioners pay income tax if you have income over the personal allowance. While the state pension is under the tax threshold, any income from both workplace, private pensions is taxable - so if effect if you've been responsible then of course you're paying income tax and contributing to society in this way. Income over £1000 from savings is also taxable. Obviously this is from savings not sheltered in cash isas. Both my husband and I are pensioners and both of us pay considerable amounts of income tax, which we're absolutely not complaining about by the way. We have a comfortable life and have helped out our kids considerably.

Sorry if I was unclear, when I referred to pensioners who are renting, I mean the ones who are on state pension only get everything paid for. There are many of my generation that never paid into a workplace pension, so do indeed get their rent and also a considerable amount of their council tax paid.

Edited

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And there are many pensioners on Universal Credit and subject to work conditionality because they have a younger partner.

JDEE72 · 22/02/2025 19:02

To quote a great philosopher, “I haven’t even got a pla”

Cbuss1982 · 22/02/2025 19:23

I’m nearly 43 married and luckily living in a council house. I could do right to buy and I’ve toyed with the idea over the last few years but I come to the same worry. Am I better off staying in my council owned house and paying a low rent for my area- £550 a month in Kent/SE, or buy it and have a larger monthly payment but will eventually own it? I can never come to a convincing answer.

Single50something · 22/02/2025 19:28

I'm 51 and rent. Single parent/sole parent. Just my income.
Totally unable to save for a deposit after paying rent and bills.
I'd love to be able to have the security of buying. C280k for a 2 bed where I live. My earnings are OK (50k) but not enough to get a mortgage even if had the deposit.
It's hard

Literallywingingit · 22/02/2025 19:31

I have changed career in the hopes il be able to afford a property one day, I have 2 children and recently got divorced. I currently rent and am very lucky I receive benefits to help with my rent. I’m hoping once I’m qualified I can save and buy a small flat but the thought of my children having no where to come stay if they leave to go uni makes me quite sad. I didn’t envisage being a single parent and divorced but I’m trying to make the best of the situation. I don’t think I’ll ever be able to afford a 3 bed house to house us all once they are older.

Jochef · 22/02/2025 19:32

55 & 56 here
we moved to Cumbria last March - £800 a month on a 400 year old farmhouse without central heating or neighbours…. We have a cafe in the national park. We are so happy. Someone said to me that you end up doing what you love with people you love. Working so far….

Should add I bought a house once in 1998 with my then husband. I signed over my share when we split on the condition he let me change our daughter’s name to my maiden name. No regrets.

I’ve never wanted to buy a house, my sisters have 5 between them. It just looks and sounds like hassle.

sparrowflewdown · 22/02/2025 19:50

My MIL used to be quite wealthy, she had a few properties but over the years sold them to live off the capital. Now she doesn't have enough to buy anything in her pretty market town. She has found it almost impossible to rent in her 70s as no landlord wants to let to her over a young professional and has had to call in favours from friends to find somewhere to let.

Livelovebehappy · 22/02/2025 19:55

By cashing in a percentage of my private pension at 55, I managed to get on the property ladder after renting for many years. The area we bought in wasn’t the best, but we’ve been lucky with great neighbours. I thank the heavens every day that we’ve got a roof over our heads, and whilst it’s not perfect - probably too small and not great area, I’m just grateful we’ve now got our own place, and not dependent on the whims of landlords. I would imagine anyone with a private pension and renting would cash in 25% at 55 which is probably a decent deposit.

Jack80 · 22/02/2025 20:33

In 40s now and rent from the council, may try and buy it in the future

EleanorReally · 22/02/2025 20:39

actually this is a good thought.
i will have a possible good pension and not eligible
for housing benefit. otoh i can't get a 7 year mortgage, that would be ridiculous.
i have resigned myself to moving into a ha flat, currently in an ha house, so hope to have cheaper rent.

BooneyBeautiful · 22/02/2025 23:17

rivalsbinge · 19/02/2025 06:09

We rented until our 40s and the only way we bought was with inheritance. Also in the south east.

Otherwise we'd still be renting, my mum in her 80s is renting and it's a bloody nightmare as she only on just above state pension and we are having to massively top up, with no end to the rent going up and up as she ages.

So I'd be doing anything I could in your position to save and buy for old age if nothing else.

Has she tried claiming Local Housing Allowance to help with her rent? And Council Tax Benefit too? She should get some financial help if her income is only just above the Full State Pension, and providing she doesn't have more than £16K in savings.

rivalsbinge · 22/02/2025 23:29

@BooneyBeautiful frustrated daughter here she has 25k in savings and refuses point blank to seek any help "until she needs it" but thanks I've had a call with age UK to see where she stands as in 2 yeas that all gone so she needs to go on a list now. 🥰

margeyoursoakinginit · 23/02/2025 06:10

Cbuss1982 · 22/02/2025 19:23

I’m nearly 43 married and luckily living in a council house. I could do right to buy and I’ve toyed with the idea over the last few years but I come to the same worry. Am I better off staying in my council owned house and paying a low rent for my area- £550 a month in Kent/SE, or buy it and have a larger monthly payment but will eventually own it? I can never come to a convincing answer.

I'd buy if I was you.

gettingthehangofsewing · 23/02/2025 09:10

Cbuss1982 · 22/02/2025 19:23

I’m nearly 43 married and luckily living in a council house. I could do right to buy and I’ve toyed with the idea over the last few years but I come to the same worry. Am I better off staying in my council owned house and paying a low rent for my area- £550 a month in Kent/SE, or buy it and have a larger monthly payment but will eventually own it? I can never come to a convincing answer.

I'd buy , if you do by the time you retire you can be mortgage free.

Jayne35 · 23/02/2025 09:50

1975wasthebest · 22/02/2025 08:17

Not mentioned yet - the right to buy discounts have now been cut, so eventually this is going to reduce the amount of properties in the private sector.

Looking on the gov website, there have been no cuts to the discount, I bought my council house many years ago and the discounts shown now are the same.

1975wasthebest · 23/02/2025 09:56

Jayne35 · 23/02/2025 09:50

Looking on the gov website, there have been no cuts to the discount, I bought my council house many years ago and the discounts shown now are the same.

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No, they're not. It happened just recently:

https://www.gov.uk/right-to-buy-buying-your-council-home/discounts

Discounts are lower than before and came into for people buying their homes from the end of November last year.

https://www.gov.uk/government/consultations/reforming-the-right-to-buy/reforming-the-right-to-buy

AlexandrinaH · 23/02/2025 10:01

EleanorReally · 21/02/2025 04:41

i doubt you can even get a mortgage in your 50s

Of course you can 😂

Who still rents in their 40’s/50’s- What is your plan?

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